Residential Mortgage Survey Results for November 2008

Press Releases

29 Dec 2008

Residential Mortgage Survey Results for November 2008

According to the 23 authorized institutions (AIs) which participate in the HKMA's monthly survey of residential mortgage lending, new mortgage loans drawn down during November 2008 decreased by 28.4% to HK$8.1 billion compared with October 2008.

New loans approved decreased by 37.9% to HK$8.5 billion. The decrease was distributed across all types of property transaction. Approvals for primary market transactions decreased by HK$0.4 billion or 24.7%, approvals for secondary market transactions by HK$3.5 billion or 37.4%, and approvals for refinancing loans by HK$1.3 billion or 49.1%. The number of new applications decreased by 20.6%.

The proportion of new loans approved at more than 2.5% below the best lending rate decreased to 15.0% from 51.7% in October.

The outstanding value of mortgage loans remained little changed at HK$600 billion.

The mortgage delinquency ratio and the rescheduled loan ratio remained unchanged at 0.05% and 0.13% respectively. The combined ratio remained at a record low of 0.18% in November.

Annex

For further enquiries, please contact:
Peggy Lo, Manager (Communications), at 2878 1687 or
Hing-fung Wong, Manager (Communications), at 2878 1802

Hong Kong Monetary Authority
29 December 2008

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Last revision date : 29 December 2008